What is the Gini ratio?
What will be an ideal response?
The Gini ratio is based on the Lorenz curve and equals the ratio of the area between the line of equality and the Lorenz curve to the entire area beneath the line of equality.
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The vertical distance between a firm's average total cost curve, ATC, and its average variable cost curve, AVC
A) decreases as output increases. B) is equal to its marginal cost, MC. C) is equal to its total fixed cost, TFC. D) is equal to its average product.
The value of the put option rises when the underlying asset
A) experiences price increases. B) experiences price declines. C) experiences reduced volatility. D) has a relatively short maturity.
If the price of an item can freely adjust, a market will
A) always move towards equilibrium. B) always have an excess quantity demanded. C) always have an excess quantity supplied. D) never move towards equilibrium because prices are always increasing.
Autonomous consumption
A) is the same as the break-even point. B) gives the amount a person changes planned consumption for a change in real disposable income. C) is the amount of consumption that is independent of the level of disposable income. D) is the proportion of total disposable income that is consumed.